Shared Scotland Webinar, Part 1: Fairer Finance on Consumer Duty
Consumer Duty: evidencing fair value and consumer understanding
The Consumer Duty is one of the biggest changes in financial services regulation for 20 years, and it is underpinned by behavioural science. Without behavioural science, the Consumer Duty would be almost unthinkable. The FCA now expects insurers to make good decisions easy for consumers, and bad decisions hard. In this interactive webinar Fairer Finance will cover how to evidence consumer understanding and fair value in an insurance context. The session will have plenty of time for interactions and Q&A.
The learning objectives are:
- To understand how the FCA is now expecting insurers to evidence fair value and consumer understanding.
- To understand how to identify what constitutes a good consumer outcome.
- To be more confident in applying behavioral science to improve customer journeys and communications for insurance products.
- To be more confident in assessing whether an insurance product is delivering fair value.
About Fairer Finance
Founded in 2014, Fairer Finance is a research and ratings agency, consultancy, and consumer group. Our mission is to create a fairer financial services market for consumers and the businesses that serve them. We do this by publishing our unique ratings – and by working with companies who want our help and expertise to do better. Familiar with how the regulator thinks and supervises firms, firms ask us the tricky issues that require the combination of our skills.
About the presenters
Tim Hogg (Director) is a behavioural economist with over 10 years experience in advising both the public and private sectors on how to design and implement regulation. Tim specialises in assessing the Consumer Duty implications arising from business models, product design, pricing, and customer communications. Tim has advised firms across financial services on the fair value of their products, including: general & life insurance; investments & pensions; and funeral plans. He is an experienced trainer on behavioural science.
Anjali Ladwa (Senior Consultant) assesses the extent to which organisations have embedded the Consumer Duty, and uses her specialism in language and linguistics to advise on achieving customer understanding. Anjali has also managed numerous projects analysing the clarity of online and offline customer communications and assessing them against the FCA’s expectations. She has delivered training to some of the UK’s best-known financial services brands.
Looking to continue the conversation? Join us at 1.00pm for Part 2, for a focussed panel discussion and live Q&A. Please note: Part 2 requires a separate booking for the access link.
Venue
- Online
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Please note: This event is a regional collaboration between the local institutes in the area. Your booking details will be shared with the Insurance Institute of Perth and Dundee, which is acting as the host institute for this event.
CII Accredited
This demonstrates the quality of an event and that it meets CII member CPD scheme requirements.
1 hour's CPD can be claimed for this event if relevant to your learning and development needs.
It is recommended that you keep any evidence of the CPD activity you have completed and upload copies to the recording tool as the CII may ask to see this if your record is selected for review. Details of the scheme can be viewed online at www.cii.co.uk/cpd.